Designers

Monica Vinader reports 21% rise in turnover for holiday season

The jewellery brand saw e-commerce sales increase by 68% over the period

Monica Vinader has reported a successful trading period over the holiday season, despite disruptions resulting from the Covid-19 pandemic, with turnover increasing 21% compared to the same period in 2019.

The British company’s e-commerce sales also rose by 68% over the winter period, citing its funding from HSBC’s Coronavirus Large Business Interruption Loan Scheme (CLBILS) as essential to its success over the Christmaas season.

Richard Colbert, chief financial officer at Monica Vinader, said: “With stores spread across the world, we were fortunate that our business model is so resilient and lockdown restrictions didn’t affect our stores all at once. 

“But we still felt the brunt of the closures. We see around 20% of our sales in Asia and this is the market that took the biggest hit. The funding gave us breathing space to think strategically about how we adapt to the situation with the reduction of our wholesale and retail trading.”

He added: “Our team at HSBC UK, led by Relationship Director Sharon Murphy, reacted swiftly to our needs and we are pleased to have seen a very successful online trading period as a result.”

 

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